Canadian Imperial Bank of Commerce Issues Positive Forecast for South Bow (NYSE:SOBO) Stock Price

South Bow (NYSE:SOBO) had its target price raised by Canadian Imperial Bank of Commerce from $33.00 to $36.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Canadian Imperial Bank of Commerce’s target price would suggest a potential downside of 4.61% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Barclays boosted their target price on shares of South Bow from $33.00 to $34.00 and gave the company an “equal weight” rating in a report on Thursday, May 21st. The Goldman Sachs Group began coverage on shares of South Bow in a report on Monday, April 20th. They issued a “sell” rating and a $29.00 price target on the stock. Scotiabank upped their price target on shares of South Bow from $34.00 to $36.00 and gave the stock a “sector perform” rating in a report on Friday, May 8th. TD Securities reaffirmed a “hold” rating on shares of South Bow in a report on Friday, May 1st. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating on shares of South Bow in a report on Monday, May 11th. Three analysts have rated the stock with a Buy rating, eight have given a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $30.86.

South Bow Trading Down 1.2%

Shares of SOBO stock traded down $0.44 during mid-day trading on Tuesday, hitting $37.74. The company’s stock had a trading volume of 147,499 shares, compared to its average volume of 965,872. South Bow has a 52 week low of $25.01 and a 52 week high of $38.39. The company has a market cap of $7.87 billion, a PE ratio of 18.59 and a beta of 0.11. The company’s fifty day simple moving average is $34.11 and its 200-day simple moving average is $30.45. The company has a debt-to-equity ratio of 2.16, a quick ratio of 1.37 and a current ratio of 1.51.

South Bow (NYSE:SOBO) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.02). South Bow had a net margin of 21.32% and a return on equity of 15.24%. The company had revenue of $491.00 million for the quarter, compared to analyst estimates of $491.21 million. During the same quarter last year, the firm posted $0.47 EPS. South Bow’s revenue for the quarter was up 1.0% on a year-over-year basis. As a group, equities research analysts expect that South Bow will post 1.75 earnings per share for the current fiscal year.

Hedge Funds Weigh In On South Bow

A number of institutional investors have recently bought and sold shares of SOBO. Norges Bank bought a new position in South Bow in the fourth quarter worth about $24,566,000. Thornburg Investment Management Inc. raised its stake in South Bow by 41.7% in the fourth quarter. Thornburg Investment Management Inc. now owns 2,829,875 shares of the company’s stock worth $77,840,000 after buying an additional 832,574 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in South Bow by 51.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,348,827 shares of the company’s stock worth $64,541,000 after buying an additional 799,707 shares in the last quarter. American Century Companies Inc. raised its stake in South Bow by 467.7% in the third quarter. American Century Companies Inc. now owns 959,031 shares of the company’s stock worth $27,137,000 after buying an additional 790,111 shares in the last quarter. Finally, Qube Research & Technologies Ltd raised its stake in South Bow by 485.9% in the third quarter. Qube Research & Technologies Ltd now owns 784,565 shares of the company’s stock worth $22,195,000 after buying an additional 650,648 shares in the last quarter.

South Bow Company Profile

South Bow Corp is a strategic liquids pipeline company. It is a new liquids-focused midstream infrastructure company. South Bow Corp is based in Canada.